The fourth annual Houzz & Home survey on remodeling plans, budgets and priorities encompasses more than 170,000 respondents in the U.S. and more than 260,000 throughout the world. One of the most compelling findings? Millennials who own homes in the U.S. were "just as likely" to renovate as other age groups in 2014.
While just one in 10 homeowners on Houzz is age 25 to 34, more than half of them renovated last year, and relatively more decorated their homes and made minor repairs, compared to the 55-plus homeowners surveyed.
“While still a small group, millennial homeowners are just as active as older generations when it comes to renovating and decorating,” Nino Sitchinava, principal economist at Houzz, explained. “Because of delayed home ownership, we have historically known very little about their preferences when it comes to their home updates. However our unprecedented data show that millennial views on resale value, energy efficiency, healthy homes and other factors are similar to those of older generations.”
Nino Sitchinava of Houzz
Some of the survey’s other key findings about homeowners include:
• Homeowners were likely to hire landscape contractors (19 percent), interior designers (17 percent), architects and landscape architects/designers (10 percent each).
• Eighty-four percent hired a pro to help with remodeling projects; nearly half of those used a general contractor (47 percent).
• "Improving design/look and feel" was the top-ranked concern among homeowners who renovated their homes.
• Kitchens are the most popular interior remodeling project across all age groups; nearly one-third of those surveyed renovated their kitchens last year.
• Millennials spent an average of $26,300 on major remodels of large kitchens (considered to be those more than 201 square feet) and $16,100 for major remodels of small kitchens (considered to be those less than 201 square feet). As for minor kitchen remodels, Millennials spent $5,100 on average for small kitchens and $7,500 for large kitchens.
Discover the full survey online.